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Private Student Loan Signed By Minor, Under Age 18

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  • 06-10-2008, 10:14 AM
    srmjjg
    Private Student Loan Signed By Minor, Under Age 18
    My question involves collection proceedings in the State of: New York

    Hello:

    In 2003, after I had just turned 17, I signed documents from Sallie Mae to get a private student loan. My mother co-signed because I was a minor.

    Unfortunately I have been unable to keep up with my payments and the debt is now in collections and I am being threatened with lawsuit.

    My question is: Since I was well under 18 at the time I signed the contract is the contract enforceable?

    Thanks in advance for an answer!
  • 06-10-2008, 07:29 PM
    OhMy
    Re: Private Student Loan Signed By Minor, Under Age 18
    I am sorry to hear about your problem. Student loans are with you until you pay them, you can NOT discharge this loan through a bankruptcy.

    Your co signer is on the hook for them as well.

    You should consider making payment arrangements as the interest will continue to mount. I hope this all works out for you.
  • 06-10-2008, 09:54 PM
    Betty3
    Re: Private Student Loan Signed By Minor, Under Age 18
    If they can't get the money from you, they will go after your mother who co-signed for the loan.
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